Haemonetics (HAE) is adopting a more cautious guidance approach following a rebound in plasma collection volumes, BofA said Thursday in a report.

Plasma volume growth returned to high single digits in the US and double digits in Europe, with the company raising its full-year organic growth outlook to 7% to 10% from 6% to 9%, the report said.

BofA noted that Haemonetics' Vascade vascular closure expectations have been reset, making its updated guidance more achievable.

BofA said the company's "prudent guidance philosophy" and margin expansion potential support its improved outlook.

BofA upgraded Haemonetics to neutral from underperform and raised its price objective to $75 from $58.

Shares of the company rose 4.66% in recent Friday trading.

Price: 69.98, Change: +2.87, Percent Change: +4.28